Brent crude oil futures dipped below $76 per barrel but were still set for a 1.5% weekly gain, driven by concerns over supply disruptions in Russia and improving demand in the US and China.
Russia reported a 30%-40% reduction in Caspian Pipeline Consortium oil flows after a Ukrainian drone attack on a pumping station. Despite this, Kazakhstan has pumped record oil volumes.
In the US, crude oil stockpiles rose, while gasoline and distillate inventories fell due to seasonal refinery maintenance. Tensions between Ukraine's President Zelensky and US President Trump escalated earlier in the week, but Zelensky later expressed readiness to negotiate.
Meanwhile, US Treasury Secretary Bessent suggested Russia could receive sanctions relief if it negotiates an end to the Ukraine conflict. On the demand side, global oil demand averaged 103.4 million bpd through February 19, with analysts expecting cold US weather and increased Chinese industrial activity to boost demand.
Source: Trading Economics
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